Next steps for the Coronavirus Job Retention Scheme
The Coronavirus Job Retention Scheme (CJRS) supports employers with up to 80% of furloughed employees wages, up to a limit of £2,500 per month. It is due to run until the end of June 2020.
This report by Learning and Work Institute finds the scheme has been successful in limiting job losses and protecting incomes. While it has been costly – at around £14 billion a month – not acting would have led to a far larger increase in unemployment and to lasting damage to the economy. This would have meant an additional bill for out of work benefits of up to £5 billion a month, a deeper recession due to lower household spending, and a slower recovery due to more business failures and the ‘scarring’ impact of long term unemployment.